Tradefair & Financials
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1 Are there many fixed rate for the lifetime of the mortgage offers around and which are the best. I'm guessing the rate might be 5%, am I far off?
2 Most mortgages are for 25 or 20 or 15 years or whatever, is there any reason why the bank wouldn't give you a mortgage for say 17 years? The reason I ask is that I quite fancy paying my last payment on my 50th Birthday (17 years from now) would they let you do that? Even pick the day of the month too?
I just did a quick calc, and reckon with 5% fixed for the term of the loan. cost per 10,000 borrowed is:
5 yrs = 190/month
10 = 107, 15 = 80, 20 = 66, 25 = 58
Does anyone else feel that these forever fixed rates are a good idea. Would be nice to know that whatever the future h olds (and it appears to be auncertain at the very least) What you pay each month will not be affected by inflation or interest rates.
2 Most mortgages are for 25 or 20 or 15 years or whatever, is there any reason why the bank wouldn't give you a mortgage for say 17 years? The reason I ask is that I quite fancy paying my last payment on my 50th Birthday (17 years from now) would they let you do that? Even pick the day of the month too?
I just did a quick calc, and reckon with 5% fixed for the term of the loan. cost per 10,000 borrowed is:
5 yrs = 190/month
10 = 107, 15 = 80, 20 = 66, 25 = 58
Does anyone else feel that these forever fixed rates are a good idea. Would be nice to know that whatever the future h olds (and it appears to be auncertain at the very least) What you pay each month will not be affected by inflation or interest rates.
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UTI
These Fixed rates seem a good idea if you believe rates will increase.The maximum term you can Fix for at teh moment is 10 years and the rate is about 4.8%. Personally I would choose a 5 year at 3.75% and see how things go.
You can choose a mortgage term of 17 years or any other term for that matter. You have always been able to , it is just that for comparison purposes 5 year intervals are considered sensible. It is good to have a goal, nd in my opinion being rid of a mortgage well before retirement is the very best form of retirement planning
In the states there are lots of lifetiome Fixed rates, but they have never really caught on over here. The government made rumblings about them being a good idea, but nothing ever happened.
These Fixed rates seem a good idea if you believe rates will increase.The maximum term you can Fix for at teh moment is 10 years and the rate is about 4.8%. Personally I would choose a 5 year at 3.75% and see how things go.
You can choose a mortgage term of 17 years or any other term for that matter. You have always been able to , it is just that for comparison purposes 5 year intervals are considered sensible. It is good to have a goal, nd in my opinion being rid of a mortgage well before retirement is the very best form of retirement planning
In the states there are lots of lifetiome Fixed rates, but they have never really caught on over here. The government made rumblings about them being a good idea, but nothing ever happened.
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